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Tech companies account for three of mainland China’s five top richest people — Tencent’s Pony Ma, Alibaba’s Jack Ma and Pinduoduo’s Colin Huang. The country added a new billionaire from that field this week.
Tan Guanghua joined after Alibaba-backed software supplier Hangzhou Raycloud Technology went public on the STAR market of the Shanghai Stock Exchange on Wednesday. At the close of trade on Thursday, Tan’s 49% holding was worth 8.5 billion, or $1.2 billion. Alibaba indirectly owns a 4% stake. Tan, 35, chairs the company.
China is home to the world’s second-largest group of billionaires after the United States. Tan was the third to be minted in less than two weeks (see related stories here and here) amid investor expectations that the worst of the coronavirus pandemic may be over for the world’s top economies.
China’s stock exchanges are closed until Wednesday in connection with the Labor Day holiday.
Click here for a Chinese-language version of this post.
–Maggie Chen